Fed's Miran: The economy calls for large interest rate cuts

*KEVIN HASSETT SEEN AS FRONTRUNNER IN TRUMP FED CHAIR SEARCH WH Sr. Adviser Hassett emerges as the top pick as the Fed Chair search nears its end - People Familiar.

US ADP EMPLOYMENT CHANGE WEEKLY ACTUAL: -13.5K VS -2.50K PREVIOUS A silver twist on the gig economy For the four weeks ending Nov. 8, 2025, private employers shed an average of 13,500 jobs a week. Consumer strength remains in question as we enter the holiday hiring season, which might be playing into delayed or curtailed job creation. These numbers are preliminary and could change as new data is added. The federal government’s delayed September employment report, released last week, showed that the economy added 119,000 jobs that month, better than economists had predicted. But for self-employed workers, the news wasn’t as good. The gig economy lost 114,000 jobs that month. In fact, the ranks of self-employed workers have been declining all year. As of September, U.S. gig employment was down 1.2 percent from a year ago. A new ADP Research report suggests that structural demographic change is on track to reverse this short-term downward trend. We believe that self-employment is poised to become an important share of job gains over time. The latest ADP NER Pulse data points to a concerning shift in the U.S. labor market, with private payrolls dropping by 13,500 jobs per week for the four-week period ending November 8, 2025. This marks a significant acceleration from the prior period, where only 2,500 jobs were… Private payroll losses accelerated in the past four weeks, ADP reports The U.S. labor market is showing further signs of weakening as the pace of layoffs has picked up over the past four weeks, payrolls processing firm ADP reported Tuesday. Private companies lost an average of 13,500 jobs a week over the past four weeks, ADP said as part of a running update it has been providing. That’s an acceleration from the 2,500 jobs a week lost in the last update a week ago. With the government shutdown still impacting data releases, alternative data like ADP’s has been filling in the blanks on the economic picture. Government agencies such as the Bureaus of Labor Statistics and Economic Analysis have released revised schedules, but critical reports such as the monthly nonfarm payrolls count won’t come out until December.

On the search for the next Fed Chairman. There is no frontrunner: A senior US official confirmed for me a final list of candidates has not yet been sent to the White House. A final list of recommended candidates will be sent to the President after interviews have concluded. The Treasury Secretary says he has not yet finished the interviews for the possible next Federal Reserve Chairman. #FederalReserve